Help your employees prepare for retirement

We understand your commitment to help improve employees' lives when they retire. We'll work with you to create a tailored plan that will engage your staff, reduce your fiduciary risk and simplify your role.

At BB&T, we're honored to have been recognized by PLANSPONSOR magazine with multiple awards for providing "best-in-class" retirement solutions. Our expertise allows us to help our clients manage their plans, meet their goals and stay current on emerging trends.

Decide what you want your retirement to look like

What's your vision of retirement? Do you want to travel the world, or live near family and friends who you can visit regularly? Do you want to live where the action is—or far from it? Do you want to work part time to make extra money, or just simply live off your savings? Write down exactly what you plan to do in your future—don't leave anything out. That way, you can set goals to meet your vision.

Create a retirement plan that suits you

Once you determine what your retirement will look like, you should create a plan to get there. One of the best ways to do this is to meet with a trusted financial advisor. You'll work together to establish savings goals and even tax strategies to maximize deductions and reduce your personal and/or business taxes.

You should save in a variety of ways—don't put all your eggs in one basket. Consider investing in money market accounts, certificates of deposit and individual retirement accounts (IRAs). IRAs like the Simplified Employee Pension Plan (SEP) and the Savings Investment Match Plan (SIMPLE) are inexpensive to implement and provide tax advantages to help you save for retirement. This is where the expertise of a financial advisor will really come into play.

Start saving early

The sooner you start saving for retirement, the better. Decide on an amount you can contribute monthly and then consider it a required business expense (so you'll have no excuses for not saving). You may even consider setting up automatic contributions on certain days so that you never see the money in your regular business accounts. Once it becomes a habit, you won't think twice about using that money for anything else—plus, you'll have the peace of mind that you're proactively taking care of your future.

Plan to sell

When would you consider selling your business? Will you continue to be involved in the business after retirement? How old would you like to be when you retire? These are all questions you'll want to consider in selling your business.

Also, do you have someone in mind who may want to buy the business? If so, start the conversation early to find out if he or she is as interested in the business as you are. If they're not, consider how to find the best buyer for your business. Most importantly, make sure you prepare your business to operate without you—and train your staff accordingly.

You should also consider what you'll do if the financial environment adversely affects the value of your company. Will you work later into life or sell earlier while business is good? Make sure to plan for different contingencies so you don't find yourself in an unexpected situation.

Are you ready?

Whether or not you plan to retire from your business, it's a good idea to have a plan in place to protect your future—especially if something happens where you can't work anymore. Creating a retirement plan that diversifies your wealth will bring you peace of mind and allow you to focus on the business at hand.

Tools for managing your small business

As a business owner, you continually work to improve your offerings, including using advances in technology. Consider how technology can help you manage your business and maximize your success.

Protecting the information in your computers is critical. In fact, in some states and certain industries, it's a legal requirement. To ensure you have this protection in place, you'll need up-to-date versions of anti-virus, anti-spyware, and anti-malware software. If you're uncomfortable purchasing or updating these software products, consider hiring an IT specialist to help.

Accounting software

The right accounting software can save you time and money. You may still want to hire an accountant for certain purposes, but using accounting software (like QuickBooks® or Quicken®) can give you a quick and accurate view of the financial state of your business at any time. Plus, you can quickly send invoices and create financial reports.

Project management

Today, many project management applications are cloud-based. These real-time workspaces let employees and outside partners keep an eye on every detail of a project, with some more advanced apps allowing you to generate reports, capture issues, and integrate invoicing and billing.

To find the right tool for you, talk to your team about the features that would be most useful. That way, you can find the system most likely to help you increase efficiency, lessen frustration, and improve productivity—ultimately reaching your business goals.

Recruiting employees

Hiring employees can be a complex process, especially for small businesses. Conducting background and reference checks, verifying employment, skills testing, drug screenings, and verifying education are all time-consuming but necessary steps for hiring the right person. Using hiring tools such as automated resume screening, online recruiting sites, social media apps (like LinkedIn), and referral programs, will help you expand your team efficiently and effectively.

Marketing your business

In today's market, you'll need to find ways to improve your email marketing, website, and overall social media presence. There are many inexpensive options to help you market your business and stay relevant. Check out complete marketing solutions like Hootsuite®, Trello®, and HubSpot®—these services give you online project management, social media content, and online website and sales support. Make a list of what you need and then find the best fit. The key is to find the right tool at the right price for your needs.

File sharing services

Your team can post, share, and edit all kinds of documents using a cloud-based file sharing service. It's a great way to collaborate with co-workers, partners, and clients, from any device or location. You'll find these tools to be more efficient than emailing documents back and forth, and they'll help you stay current on pending projects.

Working remotely

There are many tools available to help remote workers be productive and feel connected—from something as simple as Skype® to more robust products like HighFive®, Evernote Work Chat, Slack®, or iDone. Tools like these will help your remote team increase productivity, job satisfaction, and retention rates.

What tools are right for your business?

The answer to this question depends entirely on your needs. Evaluate where you could be more efficient, or where you could improve communication. Also, consider how to reach your customers better and protect sensitive information. Then, take a closer look at the tools others in your industry or community use.

Taking advantage of the latest business tools will help you not only be successful now, but set you up for a brighter future.

Related services

Retirement solutions

From 401(k) accounts to IRAs, we have comprehensive retirement solutions for your employees.

Flexible benefit plans

Traditional banking services are provided by Branch Banking and Trust Company, Member FDIC.

Only deposit products are FDIC insured.

Services and products featured herein may include some offered by affiliated companies of BB&T Retirement & Institutional Services. The fees for those services and products are in addition to the fees charged by BB&T Retirement & Institutional Services. As a result, BB&T Corporation, as a whole, receives more compensation than would otherwise be received if a non-affiliated service or product was used. When we offer any service or product to a client, we use the same process to offer both affiliated and non-affiliated services and products. When we have authority to select any service or product on behalf of a client, if our process shows affiliated services and products to be competitive with corresponding non-affiliated services and products, then we may select affiliated products and services. BB&T Retirement & Institutional Services expresses no opinion on the use of BB&T affiliated services and products when the client selects such services and products in a client directed account.

Investment solutions and advisory services are provided by BB&T Institutional Investment Advisers, Inc., a wholly owned subsidiary of Branch Banking and Trust Company. Securities and advisory products or services are: NOT A DEPOSIT • NOT FDIC-INSURED • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • MAY GO DOWN IN VALUE • NOT GUARANTEED BY THE BANK

The information provided should not be considered as tax or legal advice. Please consult with your tax advisor and/or attorney regarding your individual circumstances.